NEW YORK, Sept 22 — Prime Minister Datuk Seri Anwar Ibrahim today assured global investors looking to venture into Malaysia that the country is making necessary reforms to provide a better business environment.
Anwar said the government is doing its utmost to rectify past mistakes, which saw the country’s progress and socio-economic development stymied after decades of progress.
“Ignoring the Covid-19 pandemic years, the two decades before and after 1998 witnessed a significant decline in our average economic growth,” he said in his keynote address Regaining Malaysia’s Lead in Asia at the Invest Malaysia New York organised by Bursa Malaysia.
Also present were Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz, Malaysian Ambassador to the United States Datuk Seri Nazri Aziz, Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar and Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour.
Anwar said the past few years saw investment dropping versus the gross domestic product, while new economic resources that could boost growth did not emerge prominently as the economy was still focused on domestic activities without fully capitalising on global market opportunities.
Upon taking office as Prime Minister in November 2022, Anwar, who is also Finance Minister, said it was clear his administration had no choice but to reset Malaysia.
“I prioritised three areas … strengthening our governance, restructuring our economy and paving our future,” said Anwar, who was also Finance Minister from 1991 to 1998.
He said the transformation Malaysia needs is mapped out in Madani Economy: Empowering the People, a robust framework to systematically address structural deficiencies in the government’s fiscal policy and revenue drivers, economic ecosystem, and Malaysians’ well-being.
“The Fiscal Responsibility Act, which will be tabled in Parliament in October, outlines the principles and fiscal rules to enhance accountability, governance and transparency in fiscal management.”
This will be complemented by other fiscal frameworks such as the Medium-Term Fiscal Framework and Medium-Term Revenue Strategy, he said.
Anwar also outlined Malaysia’s National Energy Transition Roadmap and the New Industrial Master Plan 2030 as strategies to advance the economy and tapping into new growth areas.
In the past few months, the nation has seen early results from the government’s commitment to deliver change to the economy and the people.
Touching on Germany-based global semiconductor company Infineon Technologies, Anwar said the firm has agreed to invest an additional €5 billion (RM24.9 billion) over the next five years to build the world’s largest 200mm silicon carbide power fabrication plant in Malaysia.
“And of course, there is Tesla. Despite the fierce courting by other regional economies, we rather quickly won over Tesla, along with SpaceX,” he said.
The Prime Minister said companies like Tesla, Amazon and Infineon are but a few global leaders that have put their trust in Malaysia.
— Bernama
